XBT: What Is It Actually And How Does It Differ From BTC? 

What is XBT?

There is much confusion around the ticker symbol XBT among inexperienced crypto investors. Let’s understand what it is: 

It is a ticker symbol used for Bitcoin. Similar to the ticker symbol BTC, it refers to the same cryptocurrency. While some denote Bitcoin as BTC, others denote it as XBT. While BTC is the most commonly used ticker symbol for Bitcoin, XBT is the international ticker symbol. 

The first use of XBT was on a Bloomberg machine and dates back to 2013. 

The Origin Of XBT: 

XBT fulfills all the requirements set by the International Standards Organization for a ticker symbol. Particularly, it satisfies the requirements of ISO 4217. The “X” in XBT refers to a supranational currency. It has no connection whatsoever with any particular government, country, or region.

Besides, the first 2 characters of a currency refer to its country of origin under ISO 4217 while the first letter of the currency is denoted by the last character. Japanese Yen (JPY), United States Dollar (USD), Canadian Dollar (CND), and Chinese Yuan (CNY) are some examples. 

XBT vs BTC

People not being aware of the history of Bitcoin development and not being involved in its international trading or Bitcoin derivatives and contracts for difference (CFDs) has perpetuated the confusion between the two ticker symbols. 

It is mandatory to use the XBT ticker symbol when investing in CFDs and derivatives or trading Bitcoin in international markets. 

How Are XBT and BTC Different?

The use of two ticker symbols in the crypto trading marketplace is the main difference between XBT and BTC. XBT is the international ticker symbol and is used for investing in derivatives and (CFDs) by crypto investors while BTC runs in the domestic market due to its popularity as the ticker symbol for the flagship currency. 

Kraken is among the first cryptocurrency exchanges that supported XBT as Bitcoin’s ticker symbol. However, as of April 26, 2021, owing to the popularity of BTC, Kraken lent its support to BTC over XBT. 

Where Can You Buy XBT?

Popular exchanges such as Exodus, PrimeXBT, and BitMEX support XBT. Certain platforms even allow investors to invest in CFDs and derivatives.

Different Ways To Pay For XBT

There are different ways in which you can pay for XBT.

• Investors can connect their bank account to centralized crypto exchange and, for each XBT purchase can transfer the funds to the crypto platform. 

• Investors can also use their credit and/or debit cards for purchasing XBT. 

• Digital payments apps such as PayPal and Cash App are another way to purchase XBT. 

• In countries where Bitcoin ATMs are available, crypto investors can go and buy XBT using cryptocurrency or fiat currency. 

• Certain crypto platforms also list XBT or BTC where investors can buy XBT using the crypto tokens in their wallets.

• Any wallet supporting Bitcoin will support XBT since XBT is Bitcoin, however, it will most likely use the BTC ticker symbol for it.

Concluding Words 

It is important to note that it doesn’t matter whether you choose XBT, BTC, or both, you will be trading in Bitcoin. However, one should be aware of the ticker symbol, their use-cases, and the differences between their listings. 

ALSO READ: Juno-Cosmos based Blockchain Pushed to Offline network- Know why?

Nancy J. Allen

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.